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Mobile payments company Square lands $100-million investment

June 28, 2011 | 10:12 pm

Payments start-up Square has landed a $100-million round of funding from an investor group led by Kleiner Perkins Caufield & Byers.The round values Square, a hot new player in the nascent market for mobile payments, at more than $1 billion.

Kleiner Perkins partner Mary Meeker will join the Square board.

"Square has a great product with extensibility which we believe has the potential to have a lasting impact on how people make payments," she said in a statement.

Earlier this month Square added former Treasury Secretary Lawrence Summers and venture capitalist Vinod Khosla to its board. In January, Square raised $27.5 million in a second round of funding.

Jack Dorsey, Square's CEO and the chairman of Twitter said: “We are on course to accelerate our growth in a meaningful way.”

RELATED:

Square adds former Treasury Secretary Lawrence Summers to board

Mobile payment firm Square adds Silicon Valley vet Vinod Khosla to board

Jack Dorsey of Twitter and Square, the James Franco of technology, is one of the busiest guys in tech

-- Jessica Guynn

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